XML 56 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
NOTES PAYABLE
12 Months Ended
Dec. 31, 2014
Notes Payable  
Notes Payable

10. NOTES PAYABLE

        In 2013, the Company entered into a loan and security agreement (the "Loan Agreement") with Hercules Technology III, L.P. ("Hercules") pursuant to which the Company received a loan in the aggregate principal amount of $20.0 million. On December 19, 2014, the Company paid off and terminated the loan agreement in accordance with its loan agreement. The payoff amount of $18,902,434 included principal, accrued and unpaid interest, fees, costs and expenses payable under the Loan Agreement, including an end of term fee of $1.1 million. In connection with such repayment, Hercules terminated its security interest in the assets of the Company subject to the Loan Agreement.

        The loan under the Loan Agreement was due on March 1, 2017, and bore interest at the greater of (i) 12.50% plus the prime rate as reported in The Wall Street Journal minus 3.25%, or (ii) 12.50%. Amounts outstanding under the Loan Agreement bore interest at 12.50%. Monthly principal and interest payments were due on the loan following August 31, 2014 through the maturity date.